Atrium European Real Estate, a leading owner, operator and redeveloper of shopping centres and retail real estate in Central Europe, has announced that, further to the statements made in its announcements of 23 July and 7 November 2019, its board of directors has taken the decision to reinstate the Q3 and Q4 2019 dividends.
Atrium also announced that the Board and management team have been undertaking a strategic review to identify further growth opportunities to deliver strong, long term sustainable income returns for all the Company’s shareholders.
The strategic review is focused on, among other things, leveraging the operating platform in Poland and the Czech Republic, continued execution of the Company’s asset rotation programme, densification of core retail assets and diversification into other classes of real estate, including focusing on residential for rent.
As part of this diversification strategy, the Company has entered into an agreement which gives it the option, subject to the relevant approvals, to acquire the controlling stake in a future residential building with c. 900 apartments in the heart of Warsaw.
The 2020 dividend policy will be announced at the time of the 2019 annual results publication. The Annual Results are scheduled to be released on 26 February 2020, in advance of the Company’s first quarter dividend payment date expected at the end of March 2020.
The Q3 and Q4 2019 dividends of €cents 6.75 per share each which will be paid as a capital repayment in a single distribution of €cents 13.5 on 30th December 2019 to shareholders on the register at 23rd December 2019 with an ex date of 20th December 2019.
RPA Perspective Following the collapse of Gazit-Globe’s takeover bid, in November Atrium European Real Estate said it was focussing on asset managing its portfolio of Central and Eastern European shopping centres.
In line with its strategy of focusing on prime shopping centres in Warsaw, the company has completed the sale of two Polish shopping centres for €298m, at around 3% above book value, and reached an agreement for the €37m sale of Atrium Duben in Zilina, Slovakia at book value.
At the same time, it has bought its fifth shopping centre in Warsaw, paying €43m for
King Cross, a well-connected and established centre with a diverse tenant mix and future redevelopment opportunities.
Chief Executive Liad Barzilai said: “Operationally the main focus year to date has been the continuation of our portfolio rotation and repositioning strategy and it was particularly pleasing that we have agreed or completed €364m of sales at or above book value in the year to date. We also further progressed our redevelopment and refurbishment programme. We have also identified a number of further opportunities to invest in our portfolio which we are working hard to bring to fruition in the months ahead.”
